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New accelerator 404 Hub hits St Petersburg

0 29 July 2014

A new accelerator called the 404 Hub has opened in St Petersburg. The accelerator will invest on behalf of the 404 Group of companies. The 404 Group describe themselves as “a handful of companies united by a single strategic management centre and a proactive mentoring institute”, who “go beyond the boundaries of the classic investment model, providing a firm base for projects to evolve and reach their business targets and creating a high-performance team of like-minded professionals. The site will open on 1st September.

What criteria does 404 Hub look for in a startup?

 404 Hub looks at bids from projects at an early stage in their development (seed and pre-seed). They offer investment of up to 1 million roubles ($28k) for a minority stake in a project (the investment sum and the stake in the company are discussed on an individual basis).

Residents will have access to both support from mentors and an acceleration programme for 3 months.

According to their website:

Unlike the majority of investment funds and accelerators in Russia, 404 Hub does not focus its attention on projects with the potential for explosive growth and correspondingly high levels of risk. We want projects which have a clear specialisation in the IT market, a clearly formed concept, and, perhaps, a prototype. 

Source: RusBase.vc

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